- If Bitcoin price breaks below $103,250, it may fall to $101,000.
- According to Axel Adler, the RSI value of Bitcoin has gone below 30 which may indicate that it is ready to restart a bull run.
- Historical patterns indicate that the current oversold position of Bitcoin could make it likely for its price to meet its all-time high again.
The latest data has caused Bitcoin analysts to closely monitor the charts since it may mean a turning point for the leading cryptocurrency. Two popular market analysts state that many technical indicators show a strong possibility of big changes in prices.
Bitcoin Finds Support At a Crucial $103,250 Level.
Ali (@ali_charts) pointed out how the current price of Bitcoin is behaving and what support its price stands on. He mentioned that $103,250 is the first major support point for Bitcoin. If the support at $103,500 fails, the next big support zone to watch comes around $101,000.
Source: X @ali_charts
Bitcoin’s chart reveals it’s been stuck in a fairly narrow range, testing the support and resistance levels time after time. The latest movements in the price have made many concerned because it is near the lower boundary of the current range. This suggests that if more selling takes place, Bitcoin might drop to around $101,000 soon.
However, this point is now gaining attention since it could result in a recovery or a drop
RSI is Showing a Favorable Sign for Traders
On a different note, another analyst, Axel Adler Jr (@AxelAdlerJr), commented on another factor that might hint at a bullish risk. He pointed out that the RSI on the 14-day chart has dropped to less than 30, which can be thought of as an “oversold” level.
Source: X @AxelAdlerJr
The RSI tells traders if an asset is overpriced or underpriced, and when it is less than 30, it means that the asset might be undervalued for a short period. This is likely to produce a rebound when observed with other indicators.
He indicates that several metrics are indicating signs that the market is in position for another major rise. It is possible, in his opinion, that this trend could pave the way for the BTC price reaching a new peak.
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